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Updated Median Income Data for Use in Means Test

March 21, 2013 David L. Stevens Bankruptcy

dollar sign The Census Bureau has published updated median family income. Individuals who earn more than the median income are required to take a "Means Test" to determine if they qualify for Chapter 7. The below table lists the median income by family size:


.		FAMILY SIZE
STATE	1 EARNER	2 PEOPLE	3 PEOPLE	4 PEOPLE *
New Jersey	$61,146	$69,697	$85,016	$103,786
New York	$47,790	$59,308	$69,052	$83,209
* For cases filed on or before March 31, 2013, add $7,500 for each individual in excess of 4. For cases filed on or after April 1, 2013, add $8,100 for each individual in excess of 4.